Many Pakistani businesses are facing serious obstacles right now; some are even considering closing their doors or making large personnel reductions as a result of their financial troubles. One such example is the delivery service startup Cheetay, which is apparently on the verge of closing down permanently.
Dastgyr, an eCommerce platform that specializes in business-to-business transactions, is another startup that is encountering difficulties and has already made the decision to decrease its staff. In the fintech industry, YAP is an electronic money institution (EMI), and it just underwent the painful process of terminating a sizable portion of its workforce in Pakistan. Furthermore, YAP is managing ambiguities around its acceptance in principle for an EMI license.
The financial technology startup Paymob is presently undertaking a major rightsizing initiative to maintain sustainability in the face of financial restrictions. All of these difficulties point to the challenging business climate that Pakistani startups are currently facing.
The challenges these firms are facing highlight the more general problems and unknowns that the nation’s startup ecosystem is resolving. It clarifies how crucial it is to deal with financial limitations and establish an atmosphere that supports the expansion and sustainability of startups, thereby improving Pakistan’s overall economic situation.
I am a dedicated student currently in my seventh semester, pursuing a degree in International Relations. Alongside my academic pursuits, I am actively engaged in the professional field as a content writer at the Rangeinn website.